American International Industries, Inc.
American International Industries, Inc. Reports Record Revenues and Quarterly Operating Income for the Three Months Ended September 30, 2008
HOUSTON and KEMAH, Texas, Nov. 14, 2008 (GLOBE NEWSWIRE) -- American International Industries, Inc. (Nasdaq:AMIN) reported record revenues of $13,632,262 for the three months ended September 30, 2008, compared to $8,276,370 for the same period in the prior year, representing an increase of $5,355,892, or 65%. The increase in revenues is primarily due to higher revenues at the Company's subsidiaries, Delta Seaboard Well Service and Northeastern Plastics. Delta's revenues increased by $3,786,065, or 131%, and Northeastern Plastics' revenues increased by $2,850,884, or 123%, compared to the same period of the prior year. For the nine months ended September 30, 2008, the Company reported record revenues of $28,844,385, an increase of $6,928,150, or 32%, compared to $21,916,235 for the same period of the prior year. Revenues increased at Delta by $5,293,187, or 61%, and at Northeastern Plastics by $2,327,267, or 38%. The increase in revenues at Delta was due to increased drilling activity creating greater demand for pipe and well services. The increase in revenues at Northeastern Plastics was due to a large seasonal direct import order, which previously shipped in the 4th quarter of 2007 and the addition of new sales from a large national retail chain. Hammonds revenues for the three and nine months ended September 30, 2008 decreased by $1,281,057 and $692,304, respectively, due to delays in certain materials required for specific job completion and shipping delays due to Hurricane Ike. Hammonds is pursuing claims under its insurance policies for lost income and additional expenses.